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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The Company’s total outstanding borrowings are summarized in the table below (in thousands).
|  | December 31,
Description |  | 2024 |  | 2023
2024 Credit Agreement - Revolving credit facility (1), (2) |  | $ | 274,400 |  |  | $ | — |
2020 Credit Agreement -Term loan facility |  |  |  | 274,400 |
2020 Credit Agreement - Revolving credit facility |  | — |  |  | — |
4.50% Senior Notes due 2028 (“2028 Notes”) |  | 800,000 |  |  | 800,000 |
3.625% Senior Notes due 2029 (“2029 Notes”) |  | 600,000 |  |  | 600,000 |
3.75% Senior Notes due 2030 (“2030 Notes”) |  | 800,000 |  |  | 800,000 |
Other (3) |  | 5,000 |  |  | 5,000 |
Principal amount outstanding (4) |  | 2,479,400 |  |  | 2,479,400 |
Less: deferred financing fees (5) |  | (19,485) |  |  | (21,104) |
Net balance sheet carrying amount |  | $ | 2,459,915 |  |  | $ | 2,458,296 |
(1)The contractual annualized interest rate as of December 31, 2024 on the 2024 Credit Agreement was 5.73%, which consisted of Term Secured Overnight Financing Rate (“SOFR”) of 4.375% plus a margin of 1.350%. However, the Company has an interest rate swap contracts that effectively converts the floating SOFR on outstanding amounts to a fixed base rate. (2)The Company had approximately $0.7 billion of available borrowing capacity on the 2024 Credit Agreement revolver (not including the expansion feature) as of December 31, 2024. (3)Consists of a State of Connecticut economic development loan originated in 2019 with a 10-year maturity and bears interest at a fixed rate of 1.75%. This loan may be repaid at any time by the Company without penalty. (4)The weighted average annual effective rate on the Company’s outstanding debt for 2024, including the effects of its interest rate swaps discussed below, was 4.97%. (5)Deferred financing fees are being amortized to Interest expense over the term of the related debt obligation.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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